vowi-tagung_2002 umschlag 14.10.2002 13:46 Uhr Seite 1 √ √ √ Oesterreichische Nationalbank Oesterreichische Nationalbank 30. Volkswirtschaftliche Tagung 2002 30th Economics Conference 2002 Wettbewerb der Regionen und Integration in der WWU Competition of Regions and Integration in EMU Economics Conference 2002 Conference Economics th 30. Volkswirtschaftliche Tagung 2002/30 Tagung 30. Volkswirtschaftliche Inhalt Contents Klaus Liebscher Wettbewerb der Regionen und Integration in der WWU — Ero‹ffnungsrede 5 Wol f g a n g S c h u‹ ssel Ero‹ffnungsrede 9 Klaus Liebscher Conference Opening (continued) 17 Heinrich Neisser Institutional Arrangements of the European Union — Scenarios for the Future 23 Willem F. Duisenberg The Euro as a Catalyst for Integration and Competition in EMU 35 Anthony M. Santomero The U.S. Experience with a Federal Central Bank System 47 Tagungsblock 1: Institutionelle Strukturen auf regionaler Ebene Session 1: Regional Institutional Structures Tito Boeri Does Europe Need a Harmonised Social Policy? 55 Fritz Breuss Comments on Tito Boeri, Does Europe Need a Harmonised Social Policy?Ó 67 Hans-Werner Sinn The New Systems Competition 77 Gareth D. Myles Comments on Hans-Werner Sinn, The New Systems Competition 93 Tagungsblock 2: Podiumsdiskussion Finanzpolitik: Spielraum fu‹r regionale Finanzinstitutionen? Session 2: Financial Policy Panel: The Scope for Regional Financial Institutions Gertrude Tumpel-Gugerell Introductory Remarks 104 Dirk Bruneel The International Strategy of Dexia 106 Reinhard Ortner Erste Bank Group in Central Europe — The Background of an Austrian Success Story 115 Albrecht Schmidt Comments for the Panel Discussion on the Scope for Regional Financial Institutions 125 Axel A. Weber Comments for the Panel Discussion on the Scope for Regional Financial Institutions 129 Tagungsblock 3: Die Rolle der nationalen Zentralbanken im Europa‹ischen System der Zentralbanken Session 3: The Role of National Central Banks Within the European System of Central Banks Klaus Liebscher The Role of National Central Banks Within the European System of Central Banks — Introductory Statement 135 Jean-Claude Trichet The Eurosystem: The European Monetary Team 139 David G. Mayes Comments on the Theme The Eurosystem: The European Monetary Team 151 Richard Portes Comments on Jean-Claude Trichet: The Eurosystem: The European Monetary Team 159 2 Inhalt Contents Gertrude Tumpel-Gugerell The Role of National Central Banks Within the European System of Central Banks — Introductory Statement 165 Arnout H. E. M. Wellink The Role of National Central Banks Within the European System of Central Banks: The Example of De Nederlandsche Bank 169 Peter Bofinger Comments on Arnout H. E. M. Wellink, The Role of National Central Banks Within the European System of Central Banks: The Example of De Nederlandsche Bank 189 Paul De Grauwe Comments on Arnout H. E. M. Wellink, The Role of National Central Banks Within the European System of Central Banks: The Example of De Nederlandsche Bank 197 Tagungsblock 4: Regionale Finanzstrukturen Session 4: Regional Financial Structures Christian de Boissieu The European Industry and the Organization of Banking Supervision in Europe 205 Urs W. Birchler Comments on Christian de Boissieu, The European Industry and the Organization of Banking Supervision in Europe 219 Olivier Lefebvre Regional Stock Exchanges — Is There a Future? 225 Stefan K. Zapotocky The Challenges and Chances of Regional Exchanges 235 Tagungsblock 5: Podiumsdiskussion: Regionale Wirtschaftsstrukturen — Wie viel Divergenz ist tragbar? Session 5: Panel: Regional Economic Structures — How Much Divergence Is Sustainable? Gertrude Tumpel-Gugerell Introduction 250 Alexander Italianer, Oliver Dieckmann Are Divergent Macroeconomic Performances in a Monetary Union a Reason to Worry? 252 Richard Portes Comments on Alexander Italianer and Oliver Dieckmann, Are Divergent Macroeconomic Performances in a Monetary Union a Reason to Worry?Ó 269 Sinikka Salo Regional Policies and Differences in Economic Structures 272 Gerhard Schwo‹ diauer Ought We to Worry About Regional Divergence in the European Monetary Union? 276 Gertrude Tumpel-Gugerell Concluding Remarks 287 Franz-Weninger-Stipendien Franz Weninger Award 293 Die Vortragenden Speakers 295 × 3 Klaus Liebscher Klaus Liebscher Gouverneur, Oesterreichische Nationalbank Wettbewerb der Regionen und Integration in der WWU Ero‹ffnungsrede Die Volkswirtschaftliche Tagung findet heuer bereits zum 30. Mal statt; mit diesem bemerkenswerten Jubila‹um nimmt die Oesterreichische National- bank (OeNB) mit Sicherheit eine au§erordentliche Stellung unter jenen nationalen Zentralbanken ein, die der- artige Veranstaltungen organisieren, und es ist auch ein geeigneter Anlass fu‹r einen kurzen Blick in die Ver- gangenheit. Im Mai 1973 kamen 17 OeNB-Mit- arbeiter und acht geladene Ga‹ste in der Krainerhu‹tte inder Na‹hevon Badenbei Wien zur ersten Volkswirtschaftlichen Tagung der OeNB zusammen. Auf Initiative und unter dem Vorsitz des damaligen OeNB-Generaldirektors Heinz Kienzl setzte man sich mit dem damals wie heute sehr aktuellen Thema der ªMo‹glichkeiten und Gren- zen der Stabilisierungspolitik aus- einander. Redner aus Deutschland, Schweden und Ungarn gaben schon der ersten Volkswirtschaftlichen Ta- gung eine internationale Dimension. Ab 1975 wurden die Beitra‹ge in Form von Konferenzba‹nden der O‹ ffentlich- keit zuga‹nglich gemacht. Klaus Liebscher Lassen Sie mich nun einen gro§en schaftspolitischen Relevanz der Bei- SprungvondiesererstenKonferenzzur tra‹ge und in der sta‹ndig steigenden 10. Volkswirtschaftlichen Tagung der Teilnehmerzahl — in diesem Jahr darf OeNB tun, die im Zeichen von ªFor- ich mehr als 350 Ga‹ste hier begru‹§en schung und Wirtschaftswachstum — unter ihnen Repra‹sentanten der Poli- stand. Auch hier wurde, so scheint mir, tik, der Wirtschaft, in- und ausla‹ndi- das Thema treffsicher gewa‹hlt, stellt es scher Banken, der Wissenschaft eben- doch nach wie vor eine zentrale Frage falls des In- und Auslandes, diplomati- der Wirtschaftspolitik sowohl in scher Vertretungen und, was mich be- Europa als auch in O‹ sterreich dar. sonders freut, auch eine gro§e Anzahl Dasselbe gilt auch fu‹r die 20. Volks- von Gouverneuren und Mitarbeitern wirtschaftliche Tagung der OeNB befreundeter Zentralbanken — sie alle im Jahr 1992. Sie war der ªZukunft seien herzlich willkommen gehei§en. Das 30-ja‹hrige Bestehen der Volks- wirtschaftlichen Tagung spiegelt auch drei Jahr- zehnte erfolgreiche o‹ sterreichische Wa‹hrungspolitik in der Post-Bretton- regionaler Finanzma‹rkte in einem inte- Woods-A‹ ra wider. Wie Sie wissen, grierten Europa gewidmet. verfolgte die OeNB wie die Zentral- Wenn Sie einen Blick auf das dies- banken anderer kleiner, offener Volks- ja‹hrigeProgrammwerfen,sosehenSie, wirtschaften niemals ein System frei dass auch diese Frage nichts an Aktua- schwankender Wechselkurse. Die lita‹t verloren hat. Die Tatsache, dass Hartwa‹hrungspolitik, wie die o‹ster- viele der bei unseren Volkswirtschaft- reichische Wa‹hrungspolitik ab den lichen Tagungen aufgegriffenen The- spa‹ten Siebzigerjahren bezeichnet men uns auch heute — Jahre oder sogar wurde, war der o‹sterreichischen Jahrzehnte spa‹ter — noch bewegen, Wirtschaft, im Nachhinein betrach- ko‹nnte einerseits auf den bemerkens- tet, von gro§em Nutzen. Wa‹hrend werten Weitblick der Organisatoren die Anbindung an eine andere Wa‹h- zuru‹ckgefu‹hrt werden. Andererseits rung chon per definitionem impli- kann man wohl auch argumentieren, ziert, dass sich die Zentralbank mit dass wir immer wieder gefordert sind, ihren Gescha‹ften und Analysen neue Antworten, neue Lo‹sungen, auf sehr stark international orientiert, noch nicht bewa‹ltigte Aufgaben und erhielt diese Internationalisierung ab Themenstellungen zu finden. den fru‹hen Neunzigerjahren insbeson- Welche Antwort nun auch immer dere mit O‹ sterreichs Beitritt zur Euro- zutreffen mag, unsere Tagung hat sich pa‹ischen Union, dem Start der Wirt- im Lauf der Jahrzehnte ausgezeichnet schafts- und Wa‹hrungsunion und entwickelt und profiliert. Dies zeigt der Osto‹ffnung neue Impulse. Ich sich auch, so meine ich, in der Liste bin u‹berzeugt, dass die weitere Ent- der hervorragenden Redner, die wir wicklung der EU, des Euroraums heuer willkommen hei§en du‹rfen so- und Europas als Ganzen auch weiter- wie in der hohen Qualita‹t und wirt- hin die Zukunft O‹ sterreichs und 6 Klaus Liebscher der OeNB wesentlich mitbestimmen Schu‹ssel, bei unserer Konferenz be- wird. gru‹§en zu du‹rfen. Natu‹rlich ko‹nnte diese Konferenz Da Bundeskanzler Schu‹ssel im An- nicht ohne die Beitra‹ge einer Reihe schluss anderen terminlichen Ver- au§erordentlicher Redner stattfinden. pflichtungen nachkommen muss, Sehr geehrte Damen und Herren, ich mo‹chte ich an dieser Stelle meine freue mich — und es ist mir eine gro§e Begru‹§ung unterbrechen und den Ehre—denBundeskanzlerderRepublik Herrn Bundeskanzler ans Rednerpult O‹ sterreich, Herrn Dr. Wolfgang bitten. § × 7 Wolfgang Schu‹ ssel Wolfgang Schu‹ ssel Bundeskanzler der Republik O‹ sterreich Ero‹ffnungsrede Sehr geehrte Damen und Herren! Ich darf Sie sehr herzlich in Wien will- kommen hei§en. Es freut mich be- sonders, den Pra‹sidenten der Europa‹i- schen Zentralbank Wim Duisenberg zu begru‹§en undichmo‹chte diesen Anlass nutzen, um meinen tiefen Respekt vor der Arbeit dieser wichtigen Institution auszudru‹cken. Im Namen aller O‹ ster- reicher und O‹ sterreicherinnen danke ich Wim Duisenberg fu‹r sein Engage- ment fu‹r die europa‹ische Wa‹hrungs- politik, das von Feinfu‹hligkeit und gro§em
Promoting Inclusive Growth CHALLENGES and POLICIES
Promoting Inclusive Growth CHALLENGES AND POLICIES Contents Executive summary Chapter 1. The political economy of inclusive growth by Mushtaq H. Khan Chapter 2. Finance, regulation and inclusive growth by Ross Levine Chapter 3. Individualised service provision and the new welfare state: Are there lessons from Northern Europe for developing countries? Promoting Inclusive by Charles Sabel Growth Chapter 4. Making green sources of growth more inclusive Public Disclosure Authorized by Sjak Smulders CHALLENGES AND POLICIES Chapter 5. Fiscal democracy or why sound fiscal policy, budget consolidation and inclusive growth require fewer, not more, attempts to control the future Edited by Luiz de Mello and Mark A. Dutz by C. Eugene Steuerle INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCT Chapter 6. Sequencing public interventions to support techno-entrepreneurship STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCL by Morris Teubal STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INC Chapter 7. Competitionand and Yevgeny innovation-driven Kuznetsov inclusive growth INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCT by INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUC Mark A. Dutz, Ioannis N. Kessides, Stephen D. O’Connell Growth Inclusive Promoting STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCL Chapter 8. How do you make growth more inclusive? STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INC by William R. White INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCT INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUCTURAL REFORMS INCLUSIVE GROWTH STRUC and Robert D.
WELCOME TO THE ESPOL EXCHANGE PROGRAMMES THE EUROPEAN SCHOOL OF POLITICAL AND SOCIAL SCIENCES Lille Dear 1 hour 30 minutes from London Contents 1 hour from Paris 30 minutes from Brussels Students, 03 Welcome to ESPOL Congratulations on your acceptance to ESPOL 04 Enrolment checklist for your student exchange! We hope your time What to do as exchange student here will be a success 05 Lille both intellectually and socially. ESPOL’s wide Benefits of studying variety of classes offer you the possibility to in Lille discover new and exciting topics in politics, international relations and social science in a 06 Your ESPOL contacts truly bi-lingual environment. Why not benefit 08 Recent speakers from your time here and improve or even start learning French through our special language 09 ESPOL & LivinFrance classes for exchange students. Beyond this, you join forces to simplify can get involved in various student associations your stay ! to make new friends from France and across the 10 Research at ESPOL world. In particular, benefit from the “buddies system” organised by COSMOPOL our very 11 Some projects own student society to help integrate foreign supported by ESPOL students arriving at ESPOL. With them, or on your own, we hope you will discover Lille, its’ 12 Who studies in ESPOL Graduate Programmes delicious gastronomic specialities (le welsh, la carbonnade flamande; le potjevleesch, les 14 A Thursday in my life gaufres and more), its’ unique culture and the at ESPOL French “Joie de vivre”. We hope you will enjoy your time at ESPOL and
LabEx Re-Fi is an initiative of: WELCOME NOTES Welcoming Note from the Conference Organising Committee Dear Colleagues and Friends, It is an immense pleasure to welcome you to the 3rd Financial Engineering and Banking Society (FEBS) Conference on Financial Regulation and Systemic Risk, which is this year for the first time co-organised with the Laboratory of Excellence on Financial Regulation (LabEx-ReFi), a joint initiative of the ESCP Europe Business School, the University of Paris 1-Pantheon-Sorbonne, the Conservatoire National des Arts et Métiers (CNAM) and the Ecole Nationale d’Administration (ENA). We are glad to welcome researchers from prestigious international economic and finance institutions, as well as from the practitioners’ world and regulatory entities. Since the 2008 financial crisis, the amplitude of which was unprecedented since 1929, radical changes in the financial regulation have been called for by politicians and populations all over the world. Rarely in the past have we been at such a turning point, and has a conference like this one been so necessary to shed light on this extremely complex question. When we received submissions to the call-for-papers, we were amazed by the high level and the degree of insight of contributions. In just a few years, the financial academic community seems to have fully absorbed a deep change of paradigm. Selecting a mere 220 articles out of more than 370 submitted has been a hard task. It is for us the occasion to thank again all those who have contributed to this selection process, and especially the members of the Scientific Committee.
NEW TECHNOLOGIES and MONETARY POLICY November 2001 Preface
COLLOQUE INTERNATIONAL NOUVELLES TECHNOLOGIES ET POLITIQUE MONÉTAIRE Novembre 2001 INTERNATIONAL SYMPOSIUM NEW TECHNOLOGIES AND MONETARY POLICY November 2001 Preface The international symposium on "new technologies and monetary policy", held in Paris in November 2001 by the Banque de France, built on and furthered thinking on central banking issues. The topic chosen this year underlines the growing complexity of conducting monetary policy in a changing environment. The innovations relating to new information and telecommunications technologies (NICT) constitute a sweeping scientific and technical revolution that represents a major challenge for central banks. The spread of these innovations through the economy, which remains difficult to assess due to a number of uncertainties, may impact on both prices and potential output. The question we are faced with is whether these developments will lead us to change the way in which we perform our two-fold duty of ensuring price and financial stability. By drawing on the experience of academics, institutional investors and a large number of central bankers, the international financial community as a whole has been brought together to study the consequences of new technologies, thus allowing for a productive exchange of points of view. The presentations, discussions and comments in the symposium were extremely rich. I firmly believe that the publication of its proceedings will help to fuel new research in this sensitive and constantly-changing area. Lastly, I would like to extend my deepest thanks to all the speakers from the world over who contributed to the success of this symposium. CONTENTS About the Contributors 151 Symposium Summary 163 Introductory Speech Jean-Claude Trichet, Governor, Banque de France 173 NEW TECHNOLOGIES, RISKS AND GLOBAL PROSPECTS FOR GROWTH AND INFLATION 175 Session chaired by William McDonough, President, Federal Reserve Bank of New York Panel William McDonough 177 Daniel Cohen, Professor, École normale supérieure (Paris) 180 Jacob A.
Contributors Texts Bruno Aguilera Barchet Director of the university research institute, “Institute for International Legal Studies” and member of the Academic Council of the Centre for European Studies (Brussels), Bruno Aguilera Barchet is professor of comparative legal history at the University of Madrid. He was guest researcher at the Harvard Law School and he is at present guest professor in the Universities of Milan and Paris. He was also Deputy Chairman of the University “Rey Juan Carlos” (Madrid), and Dean of its Faculty Law. Besides many scientific research works he has published numerous articles in the national Spanish newspapers (El País, El Mundo, ABC and La Razón). Frank Baasner After studying literature and psychology at the Universities of Bonn, Tübingen and Paris he gained a PhD with a thesis on “The European Enlightenment”. Since 1995 he holds a chair in Romance Literature at the University of Mannheim. He has been visting professor in Austria, Spain and Sweden. In 2003, Frank Baasner was elected member of the Academy of Science and Literature of Mainz. Since 2002 he has been the director of the Franco-German Institute of Ludwigsburg. Yves Barou Polytechnician and PhD in Economics, Yves Barou has followed a career with Rhône- Poulenc and Thales in France and the USA with operational responsibilities and human resources. From 1998 to 2000, he was Deputy Director of the Social Affairs Ministry, responsible for employment, training and working time. As Human Resources Director of the Thales group he signed two major European agreements. Since 2010 he has been a Social Advisor for the FSI, the French Sovereign Fund and Associate Professor at the HEC.
Curriculum Vitae Name: Mr. Antoine PARENT Nationality: French Address: Université Paris 8, Département de Sciences économiques, 2 Rue de la Liberté, 93526 Saint-Denis. Email: antoine.parent@sciencespo.fr; antoine.parent02@univ-paris8.fr; Webpage: https://www.ofce.sciences-po.fr/pages-chercheurs/page.php?id=135 ORCID: https://orcid.org/0000-0001-5087-9488 https://ideas.repec.org/f/ppa885.html Currently: 2020 Sept. - • Full Professor of Economics at University Paris 8, LED (PR CL EX1) • Head of the Macro - Finance Axis, Department of Economics, University Paris 8. • Founding Director of the Team CAC Cliometrics and Complexity - IXXI Complex Systems Institute (ENS Lyon) www.ixxi.fr/recherche/cliometrie-et-complexite • Affiliate Researcher at OFCE (Observatoire Français des Conjonctures Economiques) https://www.ofce.sciences-po.fr/pages-chercheurs/page.php?id=135 • Appointed member of the Committee on Research in Economic History of the EHA (Economic History Association), a 3-year term, 2020 – 2022 http://eh.net/eha/about/eha-committee-list-2019-2020/ Previously: 2012- 2020: Professor of Economics at Sciences Po Lyon, LAET UMR CNRS 5593. 2007-2012: Professor of Economics, University of Lorraine, BETA UMR CNRS. 1994-2007: Associate Professor, University of Paris 8 1992-1994: Assistant Professor, University of Orléans 2000-2008: Research Project Manager, French Ministry of Social Affairs 1997-1999: Evaluator, Council of Employment and Income 1988-1991: Consultant, Forecasting Division, French Ministry of Economics and Finance EDUCATION - Ecole Normale Supérieure Paris – Saclay (Cachan, Social Science ; 1982-1986) - “Agrégation” in Social Science (1987) - Master in “Political Philosophy”, University of Paris 1-Sorbonne (1988), Master’s Thesis: “La Commune de Paris, la Nation et la fondation de la liberté” ; Supervisor: Miguel ABENSOUR.
Strengthening Financial Infrastructure - Deposit Insurance and Lending of Last Resort
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Dale, Richard; Bruni, Franco; de Boissieu, Christian Research Report Strengthening Financial Infrastructure - Deposit Insurance and Lending of Last Resort SUERF Studies, No. 7 Provided in Cooperation with: SUERF – The European Money and Finance Forum, Vienna Suggested Citation: Dale, Richard; Bruni, Franco; de Boissieu, Christian (2000) : Strengthening Financial Infrastructure - Deposit Insurance and Lending of Last Resort, SUERF Studies, No. 7, ISBN 90-5143-030-2, SUERF - The European Money and Finance Forum, Vienna This Version is available at: http://hdl.handle.net/10419/163439 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten
Towards a Banking Union: Open Issues a Report by Christian De Boissieu
Joint Research Centre Towards a Banking Union: Open Issues A report by Christian de Boissieu DEPARTMENT OF EUROPEAN ECONOMIC STUDIES Bruges European Economic Policy Briefings 32 / 2014 About the author: Christian de Boissieu is Professor of Monetary and Financial Economics at the University of Paris I (Panthéon – Sorbonne), Affiliate Professor at the Management School ESCP- Europe, and Visiting Professor at the College of Europe (Bruges). Since 2011, he is a member of the French Autorité des Marchés Financiers AMF. He is also Fellow of the Academy of Technology and of the Royal Academy of Belgium and Honorary President of the French Finance Association. From 2003 to 2012, he was Chairman of the French Conseil d’Analyse Economique which advises the Prime Minister on economic and social issues. Former Consultant to the World Bank, the European Commission and the European Parliament, he was also economic adviser to the Paris Chamber of Commerce and Industry until 2011. Professor de Boissieu has published many books and articles in the field of monetary, banking and financial analysis and economic policy, and is a regular columnist for newspapers in France and abroad Address for correspondence Professor Christian de Boissieu, College of Europe, Economics Department, Dijver 9- 11, B-8000 Brugge, Belgium. This BEEP paper is also published by the Joint Research Centre (JRC) of the European Commission. It is based on a conference co-organised with the JRC. Keywords: Banking Union, Economic and Monetary Union, Financial Integration JEL codes: F36,